Real estate can be a profitable long-term investment, one that offers a jumpstart on retirement savings, has considerable tax benefits, and even provides ongoing income and increased property value.
While owning a rental property may be an effective way to earn stable income, it is not a passive investment. Whether you are a first-time landlord or an experienced investor, there is tough work involved with managing tenants in a property that is separate from your own residence.
To make your life easier, we’ve compiled a collection of the best blog posts to help you through any stage of being a landlord—from making the decision to invest in a rental and preparing the property for tenants, to tax deductions and legal procedures you should be familiar with.
Browse the collection below for information on how to succeed as a rental property owner.
Before You Buy
What you need to know before purchasing investment property, including cost, property type, and even how you plan to invest. This post will help you through the steps of buying your first rental.
Location is everything when purchasing a rental investment and can affect your ability to find tenants. See why university areas could be the ultimate place to buy.
Tips for the investment savvy, including ways to protect yourself and strategies for investing wisely.
Preparing a Rental for Tenants
Step-by-step instructions for making your property rent-ready.
Need to renovate your rental? Check out these tips before beginning demolition.
Do you have a basement that could be turned into a rental? From zoning to safety, learn more about the legal specifications of renting out your own self-contained basement suite.
Attracting tenants is made easier by knowing what they want in the suite, the building, and even the neighborhood. What can you do to entice tenants to rent from you?
Screening tenants before allowing them to move in minimizes future income loss and damage to your rental. Follow these three steps before signing your lease agreement.
Winter can be a difficult time to find tenants to rent your property because the real estate market is slow and not many people are moving. Find out what you can do to attract renters during the slow, snowy season.
Managing a Rental
As a business owner, it helps to be organized. Stay on top of paperwork with these tips.
Managing a rental on your own can be a big undertaking, especially if you are new to it. For a cost, a property manager can take care of your rental, tenants, and more. Find out if hiring one is the right choice for you (and your budget).
One of the perks of owning a rental property are the tax deductions you receive for your rental. See this list for all the possible write-offs you can glean as a landlord.
Like any homeowner, each season brings its own challenges in terms of maintenance and upkeep. Working with your tenant, find out what you can do to make sure your property withstands the winter elements.
Do you manage a rental from afar? Although challenging, it is possible. Here are 10 tips to help make out-of-town property management easier.
Are you considering leasing to a friend or family member? Read this post before making your decision to mix your personal life and business.
No tenant is perfect and no tenant will disclose everything (and maybe that is a good thing). Good communication is key to establishing a trustworthy relationship between tenants and landlords, as well as avoiding any secrets that could later cause issues.
Managing a property is much easier when tenant turnover is low. What can you do to make sure your tenants are happy and want to stay long-term?
The way you collect rent may not seem like an issue, so long as you get paid. But in reality, there are ways of receiving rent (and tenants paying it) that are more efficient than others.
Keeping it Legal
Is your lease outdated? It could be if you don’t review your lease terms on a regular basis. See what signs could trigger that it’s time to review your contract.
Renting-to-own or “option to purchase” is a unique arrangement where a tenant has the option to purchase the rental. See if this is something you are interested in offering to your tenant.
Do you know what notices to use and when? This handy infographic can help you to quickly pinpoint the notice you need, and the situation to use it in.
Avoid common landlord blunders by seeing where others have gone wrong and what you can do to prevent the same mistakes.
Landlords face unique challenges throughout the year, but especially during the winter months. From low tenant demand to pests, learn how to be proactive to avoid problems, or how to overcome existing challenges.
Unfortunately online scams exist and many landlords can become a victim to them. See what preventative measures you can take to avoid falling into these tricky traps.
Excelling as a Landlord
If you have a dash of entrepreneurial drive, a bit of business savvy, and a knack for organization, owning a rental is a great way to build wealth until retirement. While there may be the occasional bumps in the road, securing a long-term investment gives you ample time to learn the ropes, improve your efficacy, and work your way to becoming a successful real estate investor.
Do you know everything you need to know as a landlord?